3 Weight-Loss Drug Stocks To Consider For 2026

The global weight loss drug market, perhaps ironically, is growing like gangbusters these days. Globally, it’s set to expand from $15 billion in 2024 to $150 billion by 2035, according to Morgan Stanley.

The asset management giant reports that 11% of the global eligible population of 1.3 billion people are taking weight-loss drugs, including 20% of eligible patients in the U.S. and 10% in other countries. Morgan Stanley cites expanded supply and clinical benefits for other diseases, such as heart and kidney disease, as well as the burgeoning employer drug coverage, as primary reasons the market has taken flight.

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“We believe we are now at an inflection point for the broadening of obesity drugs’ use, which will extend beyond the U.S. to larger numbers of patients globally,” noted Morgan Stanley equity analyst Terence Flynn.

Industry experts compare today’s weight-loss drug market to the smartphone market of 2015-2016.

“The obesity drug market is still growing, but the novelty phase is ending and the focus is shifting to execution, scale, cost-control, and ecosystem,” said Nazar Hembara, PhD and CEO at All Clinical Trials, a clinical drug evaluation company. “At that time, everyone already had a smartphone or was about to get one, carriers cut subsidies, margins tightened, and the companies that couldn’t scale or manage cost got left behind. That’s the market weight-loss drugs are entering now. “

Signs of sector growth are everywhere, and industry leaders are taking weight-loss drugs to the next level.

“Originally, GLP-1s had the splash, but now employers and payers are asking: ‘Can this be delivered at scale? Will the cost be sustainable, will it reduce downstream disease, or just keep going up?'” Hembara noted.

He spoke with a benefits director last year, who told him their GLP-1 spend growth outpaced that of every other line item. “When that kind of number hits the CFO’s desk, coverage policy changes fast,” Hembara said. “Now we’re seeing more drug candidates in late-stage trials and manufacturing ramping up, which means pricing pressure and higher execution risk.”

Three Potent Obesity Drugs To Add To Your Portfolio

Sector investors need to weigh potential cost risks with growth potential. That process starts by asking even more questions.

A case in point. When Hembara vets weight-loss drug stocks, he looks at three factors: late-stage, multi-marker metabolic data (not just weight loss), credible manufacturing/supply readiness, and a reimbursement narrative that makes sense for insurers and employers. “One company can nail the molecule, but if they can’t scale or get payers aligned, they’ll struggle,” he said.

With the above issues in mind, let’s take a look at three weight loss drugs that demonstrate value now and growth over the long haul.

Novo Nordisk

Year-to-Date Performance: -45.49%

Denmark-based Novo Nordisk (NYSE:NVO) has seen its share price drop dramatically in 2025, falling 46% year to date and 55% over the past full year. Yet investors have a chance to buy NVO at a major dip, offering significant long-term value.

For starters, the Trump administration has just reached an agreement with Novo and Eli Lilly (NYSE:LLY) to expand consumer access to GLP-1 medicines. The deal involves the federal government securing lower prices for in-demand weight-loss drugs under Medicare and Medicaid.  Novo says the agreement is part of a larger strategy to expand access to its flagship Ozempic and Wegovy obesity drugs through consumer-friendly retail partners such as Costco, GoodRx, and WeightWatchers.

The company is also offering its weight-loss drugs at a lower, direct-to-consumer price of $349 per month, although the highest Ozempic doses will cost $499 per month. Toss in a robust 2.52% dividend yield, and NVO looks more appealing with slivers of sunlight opening up on the horizon.

Eli Lilly

Year-to-Date Performance: -36.1%

Indianapolis-based Eli Lilly represents the rising challenger to NVO in the weight loss derby, particularly with Mounjaro (for diabetes) and Zepbound (for obesity) demonstrating blistering growth. Both drugs accounted for $10.1 billion in the third quarter of 2025, up from $4.3 billion in Q3 2024. Overall, Wall Street analysts peg Eli Lilly’s obesity drug portfolio at $101 billion in peak revenue worldwide.

The company also recently crested the $1 trillion market capitalization mark, making it the first-ever health care company to do so. Company financials look strong, with $59.4 billion in revenues over the past year and a three-year expected growth rate of 17.1% annually.

Analysts are generally backing the stock, with Truist Securities’ Robyn Karnauskas maintaining a Buy rating and raising the price target to $1,182 from $1,038. The stock is currently trading at $1,050.

Viking Therapeutics

Year-to-Date Performance: -17.20%

San Diego-based Viking Therapeutics (NASDAQ:VKTX) boasts a $3 billion market cap as it awaits formal clearance of its phase three trials for VK2735, a weight-loss drug showing strong growth.

“VKTX is the only small-cap with data strong enough to stand next to the big players,” Hembara said. “Their Phase 2 results were impressively competitive, and they’ve already completed Phase 3 enrollment, which is rare at their size.”

The company’s strategic backdrop is also favorable following Pfizer’s acquisition of Metsera’s obesity/metabolic program. 

“It’s becoming clear big-pharma is willing to buy late-stage metabolic assets rather than always build them in-house,” Hembara noted. “Viking fits that profile perfectly, with strong data, ready for partnership or acquisition, and listed at a small-cap valuation. If their Phase 3 read-out mirrors Phase 2, they become the cleanest asymmetric bet in the space.”

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